CoinsPaid targeted in $37.3 million hack

CoinsPaid targeted in $37.3 million hack

An official update on July 26 reveals that CoinsPaid, an Estonia-based crypto payment provider, was hacked and lost $37.3 million on July 22. 

CoinsPaid is pointing fingers at the Lazarus Group, a notorious hacker organization known for targeting high-profile companies in the past.

The hacker group, believed to be sponsored by North Korea, has been accused of hacking and stealing from several crypto firms and bridges, including CoinCheck and Ronin.

Following the breach, CoinsPaid’s said they swiftly fortified their systems to prevent further damage. For their action, the payment processor said customer funds are secure.

However, considering lost funds, their availability and revenue were impacted. 

CoinsPaid is currently investigating the hack using advanced crypto analytics tools. At the same time, it has received support from the broader crypto community, including Chainalysis, OKCoinJapan, Binance, and more than five other firms.

The company has also reported the attack to Estonian law enforcement and is cooperating with the ongoing investigation.

Max Krupyshev, CEO of CoinsPaid, emphasized their commitment to enhancing platform security and safeguarding user assets to prevent such incidents in the future.

Over the weekend, Alphapo, another crypto payment processor primarily serving gambling platforms, was hacked and lost $32 million. 

This week, a US tech firm, JumpCloud, was reportedly hacked by Lazarus, and crypto stolen.

On-chain data shows that malicious actors have stolen over $100 million in cryptocurrencies in July alone.

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